How Many Jobs Are Available in Accounting?

Accountants and auditors are essential for a business's finances. As of 2024, around 1.5 million accountants are employed across various industries.

The accounting profession continues to be a critical and in-demand field, integral to the financial health and regulatory compliance of businesses and organizations.

Despite technological advancements and the integration of artificial intelligence (AI) in various accounting processes, the need for skilled accountants, particularly certified public accountants, remains strong.

From 2022 to 2032, the Bureau of Labor Statistics predicts that the field will grow by 4%, meaning 126,500 accounting and auditing jobs will open each year. Below, we'll discuss job market trends for accountants, the top career paths for accountants, and more.

Job Market Dynamics and Employment Trends

The demand for accountants is not the same across all regions. States with large economies, such as California, Texas, and New York, employ the highest numbers of accountants. For example, California alone employs approximately 166,020 accountants, reflecting its extensive and diverse business environment.

The job market also reflects the need for accountants in specific sectors, with notable demand in healthcare. Despite the steady demand, the accounting profession faces challenges, including a shrinking pool of new graduates entering the field.

Is Accounting Still in High Demand?

Yes, accounting remains in high demand. The profession is vital across various industries due to the need for accurate financial reporting, compliance with regulations, and strategic financial planning.

Key Factors Driving Demand

Even with the rise of AI and automated processes, there are several factors that contribute to the demand for accounting professionals.

• constant need for accountants in a healthy economy
• the globalization of business operations
• complexity of tax laws
• new financial reporting standards
• focus on corporate transparency and fraud prevention

Is There a Shortage in the Accounting Profession?

There is a shortage in accounting, particularly for qualified and experienced accountants. A notable factor contributing to this shortage is the decreasing number of new graduates entering the field.

According to researchers, the rigorous educational and certification requirements needed to become a certified public accountant (CPA) have helped cause the shortage.

Valued Specializations Within Accounting

Accountants can specialize in various areas, each offering a distinct career path. We've highlighted some options you can explore below.

• Public accountants work with a broad range of clients, including corporations, government agencies, and individuals, providing services such as auditing, tax preparation, and consulting.
• Management accountants, also known as cost, managerial, or corporate accountants, focus on budgeting, performance evaluation, and cost management within organizations.
• Government accountants work in the public sector, ensuring that government revenues and expenditures comply with regulations.
• Forensic accountants, who specialize in investigating financial crimes, often work closely with law enforcement agencies and legal teams.

Opportunities for Career Growth

Accountants have the opportunity for significant career advancement. Many start in entry-level positions and progress to senior roles, such as senior accountants, auditors, and controllers.

With experience and additional qualifications, such as a CPA certification or a master's degree in accounting or business administration, accountants can move into executive positions, including chief financial officer roles.

Learn more: Best Accounting Jobs

Will AI Replace CPAs?

While many accounting firms are using artificial intelligence and automation, AI isn't going to replace CPAs. Instead, accountants can use it to complete routine and repetitive tasks, such as data entry and basic analysis.

Now, accountants can focus more on strategic and advisory services, such as financial planning, risk management, and decision-making support.

AI can also assist in areas like financial forecasting, fraud detection, and the processing of large datasets. However, the need for human judgment, ethical considerations, and a nuanced understanding of complex financial situations ensures that CPAs and other accounting professionals remain indispensable.

How To Land a Job in Accounting

Securing a job in accounting involves a combination of acquiring the necessary education, gaining practical experience, obtaining certifications, and actively engaging in networking and job search strategies. We've explained each step in more detail below.

Get the Right Education

To land a job in accounting, obtaining a relevant degree is essential. Most positions require at least a bachelor's degree in accounting or a related field, while some advanced roles may prefer or require a master's degree.

If you want to work with taxes, then you will need to earn 150 credits instead of a bachelor's degree's 120 credits. Some schools offer programs that let you earn a bachelor's and master's at the same time in only five years.

Earn Certifications

Certifications play a significant role in advancing your accounting career. The CPA designation is highly regarded and often necessary for many positions. To become a CPA, you must pass the Uniform CPA Examination and meet specific educational and experience requirements, which vary by state.

Other valuable certifications include certified management accountant (CMA), certified internal auditor (CIA), and certified information systems auditor (CISA). These certifications can enhance your qualifications and provide opportunities in specialized areas of accounting.

Gain Experience

Practical experience is a critical component of an accounting career. Participating in internships while earning your degree can provide hands-on experience, help build a professional network, and potentially lead to full-time employment offers.

Starting in an entry-level position, such as a staff accountant or junior auditor, is an excellent way to gain valuable experience and develop your skills, providing a pathway to more advanced roles.

Develop Key Skills

Accountants must possess both technical and soft skills. Proficiency in accounting software, such as QuickBooks, Excel, and Enterprise Resource Planning (ERP) systems, is essential. Familiarity with data analysis tools and financial modeling can also be advantageous.

Some soft skills accountants have include strong communication skills, attention to detail, and the ability to work well in a team. They often need to explain complex financial information to non-financial stakeholders, making these skills invaluable.

Build a Professional Network

Joining professional organizations, such as the American Institute of CPAs (AICPA) and state CPA societies, provides networking opportunities, access to job boards, and resources for continuing education.

To meet professionals who may help you with job opportunities, attend industry events, conferences, seminars, and workshops. Maintaining a professional online presence, particularly on LinkedIn, is also important for connecting with industry professionals and increasing your visibility.

Prepare for Your Interview

Preparing for interviews is a critical step in the job search process. When you officially set up an interview, research the company and its industry, understanding its financial situation, recent news, and competitive landscape.

You can practice answering common interview questions, particularly those related to your technical skills, problem-solving abilities, and past experiences. Last, be prepared to explain complex financial concepts clearly and concisely.

Pursue Continuing Education and Professional Development

As an accountant, you'll need to stay informed about changes in the industry. You can do that by enrolling in online courses, webinars, and workshops.

For those interested in advanced roles, pursuing an MBA or specialized master's degree in accounting or finance can provide additional opportunities for career advancement.